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Putnam Names Next Head of Institutional Management

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What You Need to Know

  • Kaitlin M. May will be new head of PGIM effective July 1, with the retirement of Jeffrey L. Gould.
  • PGIM has $98 billion in institutional assets. The parent company has $193 billion in AUM.
  • May has deep experience in alternative investments, having spent nine years at Apollo Global Management.

Putnam Investments, the global money management firm with $193 billion in assets under management, announced Wednesday that Kaitlin M. May will become the new head of Putnam Global Institutional Management on July 1, when Jeffrey L. Gould, the current head, retires.

May currently serves as chief operating officer of 37 Capital, Putnam’s alternatives business. In her new role, she will oversee the firm’s institutional asset management business, serving North America, Europe, Asia and Australia.

In addition, she will continue her responsibilities for 37 Capital as well as oversee the firm’s Japan business. PGIM manages about $98 billion in institutional assets.

“Kaitlin is a talented, thoughtful leader with deep industry knowledge and experience serving global clients,” Putnam CEO Robert L. Reynolds said in a statement. May will report to Reynolds and will also serve on the firm’s operating committee.

Gould’s exit comes after 23 years with the firm. “One of the true hallmarks of his tenure has been always placing the client first,” Reynolds explained.

Apollo Background

Before joining Putnam in September 2019, May held several leadership roles over nine years at Apollo Global Management, the alternatives investment manager with $72 billion in AUM. From 2017 to 2019 she was managing director, head of structuring and product creation at the firm.

Earlier, she was chief operating officer of Citi Property Investors, the real estate division within Citi Alternative Investments. She began her career with Salomon Smith Barney as a financial analyst.

May has a bachelor’s degree in genetics, cell and development biology from Dartmouth College and an MBA from the Stanford Graduate School of Business.